Technical Analysis: Correction Over, Time For Bitcoin Price to Skyrocket

The bitcoin price is beginning a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820.

Also read: Coinbase AMA: ‘ETC Was Replay Attacked on Coinbase’

Bitcoin Price Analysis: Get Ready for the Bull Run

Long-Term Analysis

Now at the $580 support level, prices are starting to form an upward reversal pattern, which will allow pull back to $700, extended to Fibonacci’s technical objective at $820.

The current trading box we are considering was built according to the ended rounded bottom first pattern with the 38 percent and 62 percent Fibonacci retracement theory – it seems to be working so far. The next stage could be an upward rally into the new technical cycle.

Mid-Term analysis

Now, after a plunge to the support at $580-$600, a new bullish consensus is expected to provide the concurrent elements that ensure a change in the current trend. Main support took…